Pinebridge Investments L.P. lowered its stake in shares of Installed Building Products Inc (NYSE:IBP) by 12.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 19,207 shares of the construction company’s stock after selling 2,700 shares during the period. Pinebridge Investments L.P.’s holdings in Installed Building Products were worth $1,138,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its holdings in shares of Installed Building Products by 746.6% during the first quarter. BNP Paribas Arbitrage SA now owns 5,139 shares of the construction company’s stock worth $249,000 after buying an additional 4,532 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Installed Building Products during the second quarter worth about $4,888,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Installed Building Products during the first quarter worth about $445,000. Toth Financial Advisory Corp purchased a new position in shares of Installed Building Products during the second quarter worth about $305,000. Finally, Fisher Asset Management LLC grew its holdings in shares of Installed Building Products by 16.2% during the second quarter. Fisher Asset Management LLC now owns 55,477 shares of the construction company’s stock worth $3,285,000 after buying an additional 7,740 shares during the last quarter. 68.72% of the stock is currently owned by hedge funds and other institutional investors.
IBP traded up $0.39 during trading on Thursday, reaching $60.57. The company’s stock had a trading volume of 5,380 shares, compared to its average volume of 203,449. Installed Building Products Inc has a 52-week low of $29.24 and a 52-week high of $60.66. The company’s fifty day moving average price is $55.99 and its 200-day moving average price is $52.96. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 22.72, a price-to-earnings-growth ratio of 1.24 and a beta of 1.14. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.85 and a current ratio of 2.16.
Installed Building Products (NYSE:IBP) last announced its quarterly earnings data on Thursday, August 8th. The construction company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.03. Installed Building Products had a return on equity of 43.03% and a net margin of 4.22%. The company had revenue of $371.80 million for the quarter, compared to analyst estimates of $367.03 million. During the same quarter in the previous year, the company earned $0.78 EPS. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. Equities analysts predict that Installed Building Products Inc will post 2.98 earnings per share for the current year.
In other news, VP Michael Thomas Miller sold 27,404 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $57.55, for a total transaction of $1,577,100.20. Following the sale, the vice president now owns 35,973 shares of the company’s stock, valued at approximately $2,070,246.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vikas Verma sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $57.50, for a total value of $2,300,000.00. Following the sale, the director now directly owns 191,935 shares in the company, valued at approximately $11,036,262.50. The disclosure for this sale can be found here. Insiders have sold a total of 82,457 shares of company stock worth $4,733,909 in the last three months. Corporate insiders own 25.20% of the company’s stock.
IBP has been the topic of a number of research reports. Zacks Investment Research lowered Installed Building Products from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. Nomura raised their price target on Installed Building Products from $50.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Finally, SunTrust Banks raised their price target on Installed Building Products from $50.00 to $54.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $47.97.
Installed Building Products Company Profile
Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the continental United States. It offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.
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